The decline of cities
Remote work is costing New York City $12 billion per year.
I don’t think we fully appreciate the seismic nature of the shift that remote work is causing for cities, local governments, and local economies. The post-pandemic new normal is just now coming into view. A recent podcast from Bloomberg reports that remote work is costing New York City $12 billion per year. One in three workdays is now performed remotely, only 48% of office space is occupied nationally, and foot traffic is down in central business districts since 2019. I’m curious about what these trends portend for everything: How and where we gather. The need to adapt office space. What will happen to parking lots. How municipal governments will shift taxation and campaigning. How our personal allegiances evolve between physical places and virtual ones. What do you think will happen? What should I be reading?